The market share of Cloud services between foreign and domestic enterprises is 80 percent and 20 percent respectively.

The overall report on the data center and cloud computing market in Vietnam in 2023 recently published by the Vietnam Cloud Computing and Data Center Club (VNCDC) shows that the demand for using Cloud services in Vietnam has grown highly in 2022, when the market size increased to VND9,700 billion (US$399,481,785), double that of 2021.

However, the growth of the Cloud market was slow in 2023 because of the economic recession leading to pressure to cut and optimize costs. Although growth decreased drastically, Vietnam’s cloud market was estimated to still grow by 24.2 percent in 2023.

In the Cloud market, large domestic enterprises such as Viettel, VNPT, CMC and FPT are always expanding investment and looking for potential customers, but international cloud service providers still maintain their dominance in the market with the market share of Cloud services between foreign and domestic enterprises of 80 percent and 20 percent respectively.

The representative of the Vietnam Internet Association also commented that recently domestic businesses have been stepping up research and development efforts to create good Cloud service products. At the outset of the country’s digital transformation acceleration, domestic data centers and cloud computing service providers have great opportunities to accelerate market share expansion.

SGGP News